NEW YORK CITY-iStar Financial Inc., the main financier of the One Madison Park condo tower, will fight a bid by Ian Bruce Eichner to resurrect the project, which in bankruptcy court. According to court filings, an extensive alteration plan patronized by Eichner would bring a large return to his projected $40 million investment.
Under the plan, the 50-story project would come out from Chapter 11 bankruptcy proceedings. Eichner will take charge of the project and iStar will see its $233.5 million loan reduced by 50%. For the full story, go to Wall Street Journal.
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